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ACC 302 Chapter 17 quiz NO

ACC 302 Chapter 17 quiz NO - ACC 302 Quiz Chapter 17...

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ACC 302 Quiz Chapter 17 Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. ____ 1. Each full-time employee of Sunshine Greenhouse is entitled to ten paid sick days each year. The sick pay is not vested, but any unused sick days can be carried over to subsequent years. Under FASB Statement No. 43, Sunshine Greenhouse should a. recognize sick pay as an expense when actually paid. b. recognize an estimated current liability for unused sick pay at the end of each period. c. recognize an estimated noncurrent liability for unused sick pay at the end of each period. d. accrue or not accrue sick pay based on historical rates of absenteeism. ____ 2. Which of the following taxes is not included in the payroll tax expense of the employer? a. State unemployment taxes b. Federal unemployment taxes c. FICA taxes d. Federal income taxes ____ 3. Laid Back Corp. follows the practice of paying all employees for vacation. The vacation pay is not vested, but it carries over for one year if unused. Under GAAP, the obligation for earned but unused vacation should be
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